UK retail sales hold up in June but economists downbeat
The Confederation of British Industry's reported sales index slipped from +7 in May to +4 in June. Nevertheless, that was better than the reading of -5 which retailers themselves had predicted.
Firms in the sector projected a recovery to +10 in July, although orders were seen continuing their fall, albeit at a slightly slower pace.
"Retail sales reported weak growth in the year to June, beating expectations of a modest fall and lifting sales slightly above average for the time of year," the business lobby said in a statement.
Grocers reported a rebound in reported sales in the year to June, alongside robust growth in hardware, DIY and non-store sales. Yet growth slowed in the fashion sector and sales dropped in a number of other sectors, CBI said. ■